In 2016, the global surgical sutures market generated a revenue of $3.5 billion and is predicted to attain $4.7 billion in 2023, advancing at a 4.2% CAGR during the forecast period (2017–2023).
The market is growing due to the rising prevalence of chronic diseases, increasing healthcare expenditure, surging geriatric population, rising number of surgeries and burn cases, and increasing number of hospitals. Medical devices which are utilized during a surgery or after an individual suffers injury for holding the body tissues together and closing the wounds are referred to as surgical sutures.
When product is taken in consideration, the surgical sutures market is divided into automated suturing devices and sutures. Between the two, the sutures division dominated the market during the historical period (2013–2016) and is predicted to account for the major share of the market during the forecast period as well. The division is further bifurcated into non-absorbable and absorbable sutures. The automated suturing devices is expected to grow at the fastest pace during the forecast period, as these devices save time and need less work.
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In terms of application, the surgical sutures market is categorized into cardiovascular surgeries, gynecological surgical, general surgeries, orthopedic surgeries, ophthalmic surgeries, and others (which include vascular surgery, thoracic surgery, vascular surgery, plastic & reconstructive surgery, neurosurgery, and head & neck surgery). Out of these, the general surgeries category held the largest share of the market during the historical period and is further expected to dominate the market during the forecast period. On the basis of end user, the market is divided into hospitals and others (which include ambulatory surgery centers, clinics, and nursing homes).
One of the major driving factors of the surgical sutures market is the growing number of hospitals. Different types of surgical sutures are utilized in hospitals for performing various types of surgeries. It is primarily due to the increasing expenditure on healthcare by private and public sources that the number of hospitals is rising. According to the Government of India, in 2013, the number of government hospitals in India was 35,416. This rising number of hospitals implies that the number of patients is also growing, which will further increase the demand for sutures.
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The rising prevalence of chronic diseases is a key driving factor of the surgical sutures market. As per the World Health organization, chronic diseases are the leading cause of mortality around the world, accounting for 60% of all deaths. Chronic diseases including cardiovascular diseases, cancer, viral diseases, such as hepatitis and HIV, and chronic obstructive pulmonary disease have persistent and long-lasting effect on a person’s health. Moreover, the treatment of these diseases often requires complex surgeries, which, in turn, involve the utilization of sutures. This is leading to the rising demand for surgical sutures.
Hence, the growing prevalence of chronic diseases, surging geriatric population, and increasing number of hospitals are driving the growth of the market.
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